HSBC has been exposed for some groups they helped finance. I don’t want to rely on my memory, but I’ll try to find a source after church tomorrow if no one finds one tonight.
Let's not forget what "HSBC" stands for: The Hongkong and Shanghai Banking Corporation. China working with South American drug cartels... hmm where have I heard this before. Furthermore, the bank is listed as a BRITISH corporation, presumedly related to the lease they had on Hong Kong which expired around...20 years ago. [ I C U V ]
HSBC has been implicated in several instances of money laundering and transactions with drug cartels. Here are some key points:
HSBC Bank USA laundered at least $881 million for notorious drug cartels like the Sinaloa cartel in Mexico and the Norte del Valle cartel in Colombia. This was a result of systematic failures in HSBC’s anti-money laundering (AML) controls.
HSBC’s Mexican subsidiary failed to inform its US parent company about significant AML deficiencies, despite knowing about the problems and their impact on the potential flow of illicit funds through HSBC Bank USA.
In 2012, HSBC agreed to pay a record $1.9 billion fine to the US Department of Justice for violating US sanctions and admitting to laundering money for criminal networks, including drug cartels.
HSBC’s Swiss subsidiary was ordered to pay 40 million Swiss francs for “organisational deficiencies” that allowed money laundering to take place.
The bank’s Mexican unit was accused of being a “preferred financial institution” for Mexican and Colombian drug cartels, and was found to have failed to maintain an effective program against money laundering and conduct basic due diligence on some of its account holders.
HSBC’s money laundering failures were so severe that the bank was forced to agree to an independent monitoring program lasting nearly five years.
The bank’s transactions with drug cartels were not limited to Mexico; it also processed money for drug traffickers in other countries, including Colombia and the United States.
HSBC’s failures in this regard were not limited to its banking activities; it also failed to report suspicious transactions and maintain adequate records, allowing drug cartels to move large sums of money through its accounts without detection.
These instances of money laundering and transactions with drug cartels have led to significant reputational damage for HSBC, and have resulted in significant financial penalties and fines for the bank.
HSBC has been exposed for some groups they helped finance. I don’t want to rely on my memory, but I’ll try to find a source after church tomorrow if no one finds one tonight.
You are right. I believe drug related.
Let's not forget what "HSBC" stands for: The Hongkong and Shanghai Banking Corporation. China working with South American drug cartels... hmm where have I heard this before. Furthermore, the bank is listed as a BRITISH corporation, presumedly related to the lease they had on Hong Kong which expired around...20 years ago. [ I C U V ]
HSBC has been implicated in several instances of money laundering and transactions with drug cartels. Here are some key points:
HSBC Bank USA laundered at least $881 million for notorious drug cartels like the Sinaloa cartel in Mexico and the Norte del Valle cartel in Colombia. This was a result of systematic failures in HSBC’s anti-money laundering (AML) controls.
HSBC’s Mexican subsidiary failed to inform its US parent company about significant AML deficiencies, despite knowing about the problems and their impact on the potential flow of illicit funds through HSBC Bank USA. In 2012, HSBC agreed to pay a record $1.9 billion fine to the US Department of Justice for violating US sanctions and admitting to laundering money for criminal networks, including drug cartels.
HSBC’s Swiss subsidiary was ordered to pay 40 million Swiss francs for “organisational deficiencies” that allowed money laundering to take place.
The bank’s Mexican unit was accused of being a “preferred financial institution” for Mexican and Colombian drug cartels, and was found to have failed to maintain an effective program against money laundering and conduct basic due diligence on some of its account holders.
HSBC’s money laundering failures were so severe that the bank was forced to agree to an independent monitoring program lasting nearly five years.
The bank’s transactions with drug cartels were not limited to Mexico; it also processed money for drug traffickers in other countries, including Colombia and the United States. HSBC’s failures in this regard were not limited to its banking activities; it also failed to report suspicious transactions and maintain adequate records, allowing drug cartels to move large sums of money through its accounts without detection.
These instances of money laundering and transactions with drug cartels have led to significant reputational damage for HSBC, and have resulted in significant financial penalties and fines for the bank.
I knew someone would remember their checkered history. Thanks.